Stock market analysts have maintained 'buy' rating on SKF India Ltd with an intraday target of Rs 306.

According to them, interested traders can purchase the stock around Rs 302 with a strict stop loss of Rs 298. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 310.

Shares of the company, on Friday (Oct 23), closed at Rs 302.10 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 16.20 and 17.90 respectively. The share price has seen a 52-week high of Rs 319.90 and a low of Rs 121.40 on BSE.

At its meeting held on Oct 23rd 2009, the company's board has decided to appoint Mr. R Makhija as the company's additional director effective from January 1st 2010.

SKF India has posted a 16.2% decline in PAT for the three month period ended Sep 30, 2009 to Rs 31-crore as compared to Rs 37-crore in the same period last year.

Net sales during the period fell 4.1% to Rs 412.8-crore. However, the company's sales figure witnessed a surge of 9.2% as compared to the immediately preceding quarter ended on June 30,
2009.

Rakesh Makhija, SKF Ltd's Managing Director said that the economic stimulation seen during the earlier quarter has maintained its momentum in the existing quarter and there are big hopes that this development will carry on during the remaining fiscal period.

"Going forward we are optimistic that the thrust on higher spending on infrastructure and stimulus packages announced by the Government will revive consumer and investment demand," he said.